On May 12, crude oil markets remained volatile as geopolitical tensions in the Middle East continued to pose supply risks, while demand concerns from China's economic slowdown weighed on prices . Brent crude traded near $82–85 per barrel, with the market struggling to find clear direction . The US-Iran ceasefire agreement, signed in April, had initially removed some geopolitical risk premium, but tensions remained elevated with periodic skirmishes reported in the Strait of Hormuz area . On the demand side, China's April crude oil imports fell 3.2% year-on-year, reflecting weaker industrial activity and slower refinery throughput . India's demand remained robust, with May imports projected to rise 5% month-on-month . Market participants are closely watching OPEC+ supply decisions for the second half of 2026, with some members pushing for production increases to capture market share, while others advocate for maintaining cuts to support prices . The short-term outlook points to continued range-bound trading, with geopolitical developments and Chinese economic data serving as key price catalysts .